AI New York Purchase Agreement

This Residential Contract of Sale (the "Contract") is made as of [[Contract Date]] by and between:

SELLER: [[Seller Full Legal Name(s)]] ("Seller")
Address for notices: [[Seller Notice Address]]

and

BUYER: [[Buyer Full Legal Name(s)]] ("Buyer")
Address for notices: [[Buyer Notice Address]]

1. PROPERTY

Seller agrees to sell and convey, and Buyer agrees to purchase, the residential real property located at:

[[Property Street Address]]
[[City]], New York [[ZIP Code]]
(County of [[County]])

Tax Map Designation: [[Section-Block-Lot or Tax ID]]

together with all buildings and improvements thereon, appurtenances, fixtures, and the items listed in any attached schedule of included personal property (the "Property").

The legal description is set forth on Schedule A attached hereto or will be supplied by the title company at closing.

2. PURCHASE PRICE

The total purchase price is $[[Purchase Price]] (the "Purchase Price"), payable as follows:

The deposit shall be held in a non-interest-bearing escrow account (or interest-bearing if required by law or agreement) by Seller's attorney as escrow agent, to be applied to the Purchase Price at closing or otherwise disbursed in accordance with this Contract.

3. FINANCING CONTINGENCY (MORTGAGE)

This Contract is contingent upon Buyer obtaining a firm commitment for a first mortgage loan in the amount of at least $[[Mortgage Amount or "N/A if all-cash"]] on terms reasonably acceptable to Buyer within [[Mortgage Contingency Period, e.g. 30]] days after the Effective Date (the "Mortgage Contingency Period").

Buyer shall apply for such financing promptly and in good faith. If Buyer is unable to obtain the commitment within the period despite good-faith efforts, Buyer may terminate this Contract by written notice to Seller, in which event the deposit shall be returned to Buyer and neither party shall have further liability.

If Buyer waives the financing contingency or the period expires without termination, this contingency is deemed satisfied.

4. ATTORNEY REVIEW PERIOD

This Contract is subject to review and approval by each party's New York-licensed attorney. Each party shall have three (3) business days from the date both parties have signed this Contract (the "Attorney Review Period") to have their attorney review and approve, modify, or disapprove the Contract. If either party disapproves or proposes material changes within the period and the parties do not reach agreement, either party may terminate and the deposit shall be returned. If no disapproval is given within the period, this Contract shall be deemed approved.

5. INSPECTION AND DUE DILIGENCE PERIOD

Buyer shall have [[Inspection Period, e.g. 10-14 business days]] after the Effective Date to conduct inspections of the Property (including structural, mechanical, environmental, pest, and any other investigations Buyer deems appropriate) at Buyer's sole cost and expense.

Buyer may terminate this Contract for any reason or no reason during the inspection period by written notice to Seller, in which case the deposit shall be returned (subject to any agreed inspection fee reimbursement to Seller if specified).

Seller shall provide reasonable access for inspections during normal business hours. Buyer shall restore the Property to its prior condition after inspections.

6. TITLE AND SURVEY

Seller shall convey marketable and insurable title to the Property, free and clear of all liens, encumbrances, and exceptions other than:

• Current real estate taxes not yet due and payable
• Any easements, restrictions, and covenants of record that do not materially impair use
• Such other exceptions as Buyer may approve in writing

Seller shall deliver at closing a current abstract of title or title insurance commitment in the amount of the Purchase Price issued by a title company acceptable to Buyer. Buyer shall order a survey (or updated survey) at Buyer's option and expense.

Title shall be conveyed by Bargain and Sale Deed with Covenant against Grantor's Acts (or Warranty Deed if agreed) in proper statutory form for recording in New York.

7. CLOSING AND POSSESSION

Closing shall take place on or about [[Closing Date]] at the office of [[Seller's Attorney Name and Firm / Buyer's Attorney / Title Company Office]], or at such other place as the parties agree.

Possession shall be delivered at closing in broom-clean condition, free of all occupants and personal property not included in the sale, unless otherwise agreed in writing.

Time is of the essence as to the closing date.

8. ADJUSTMENTS AND PRORATIONS

At closing the following items shall be adjusted and prorated as of the date of closing:

• Real property taxes (based on the latest available bill or estimated)
• Water, sewer, and utility charges (final readings obtained where possible)
• Rent, if any (with security deposits transferred to Buyer)
• HOA/condo fees and assessments
• Fuel oil or other fuel on premises (measured or estimated)

Seller shall pay any transfer taxes, stamp taxes, and recording fees required of the seller under New York law. Buyer shall pay any mortgage recording tax and Buyer's share of title insurance and survey costs.

9. TRANSFER TAXES AND MANSION TAX (NYC AND NEW YORK STATE)

The following transfer taxes are typically payable in connection with the sale (subject to current rates and exemptions; confirm at closing):

Seller and Buyer shall execute any required transfer tax returns and affidavits at or before closing.

10. DEFAULT AND REMEDIES

If Buyer defaults, Seller may retain the deposit as liquidated damages (provided the amount is reasonable) or pursue other remedies available at law or equity.

If Seller defaults, Buyer may recover the deposit, actual damages, or seek specific performance.

The prevailing party in any litigation to enforce this Contract shall be entitled to reasonable attorneys' fees and costs as permitted by law or agreement.

11. RISK OF LOSS

Risk of loss or damage to the Property by fire or other casualty remains with Seller until closing. If the Property is substantially damaged prior to closing, Buyer may terminate and receive return of the deposit, or proceed to closing with an adjustment for insurance proceeds (if any).

12. REPRESENTATIONS AND WARRANTIES

Seller represents and warrants that:

• Seller has full authority to sell the Property.
• There are no pending or threatened condemnation or governmental actions affecting the Property except as disclosed.
• Seller has not received notice of any violations of law that have not been cured.
• All appliances and systems included are in working order as of the date of this Contract unless otherwise disclosed.

These representations survive closing for a period of [[X]] months unless otherwise agreed.

13. DISCLOSURES

Seller has delivered or will deliver prior to or with this Contract the New York Property Condition Disclosure Statement (or elected the $500 credit) and, if the Property was built before 1978, the required federal lead-based paint disclosure and pamphlet.

Buyer acknowledges receipt of all required disclosures.

14. BROKER

[[If applicable: "The parties acknowledge that [[Broker Name]] is the broker who procured this transaction. Commission shall be paid pursuant to separate agreement."]]

Each party represents that it has not dealt with any other broker entitling that broker to a commission.

15. MISCELLANEOUS

• This Contract constitutes the entire agreement and supersedes all prior negotiations and representations. It may be amended only in a writing signed by both parties.
• This Contract shall be governed by the laws of the State of New York. Venue shall lie in the county where the Property is located.
• If any provision is held invalid, the remainder shall remain in effect.
• This Contract may be executed in counterparts and by electronic signature, each of which shall be deemed an original.
• Notices shall be in writing and deemed given when delivered personally, sent by overnight courier, or sent by certified mail to the addresses above (or such other address as a party designates in writing).

16. ADDITIONAL CONTINGENCIES AND ADDENDA

The following additional contingencies or riders are attached and incorporated:

[[List: e.g., "Sale of Buyer's Current Home Contingency (Addendum A)"; "HOA/Condo Document Review Contingency"; "Well and Septic Inspection Addendum"; "Radon Testing Addendum"; "Wood-Destroying Insect Inspection"; or "None"]]

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SIGNATURES

SELLER

_____________________________________________
[[Seller Full Legal Name(s)]]
Date: ________________

BUYER

_____________________________________________
[[Buyer Full Legal Name(s)]]
Date: ________________

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ATTORNEY APPROVALS (if required under Section 4)

Seller's Attorney Approval:

Approved / Modifications attached: _______________________________
Attorney Name / Firm: [[Seller Attorney Name]] Date: ________

Buyer's Attorney Approval:

Approved / Modifications attached: _______________________________
Attorney Name / Firm: [[Buyer Attorney Name]] Date: ________

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SCHEDULE A - LEGAL DESCRIPTION

[[Insert full metes-and-bounds or lot and block description, or "To be supplied by title company prior to closing."]]

SCHEDULE B - INCLUDED PERSONAL PROPERTY / FIXTURES

All fixtures, attached appliances, lighting, window treatments, and the following items: [[List or "All existing fixtures and appliances in 'as is' condition at time of contract unless otherwise noted."]]

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DISCLAIMER

This is a sample form of a New York residential purchase agreement / contract of sale. It is intended to illustrate typical provisions consistent with New York practice (attorney review, GOL § 5-703 writing requirement, transfer taxes, title standards, and common contingencies). It is not a substitute for a transaction-specific contract prepared or reviewed by licensed New York attorneys. Terms must be tailored to the transaction, local custom, and current law. Transfer tax rates and thresholds should be confirmed at the time of closing.

Key references (as of 2026-06):
- General Obligations Law § 5-703 (Statute of Frauds for real property)
- Real Property Law §§ 462 - 465 (Property Condition Disclosure Act)
- Applicable NYC and NYS transfer tax statutes and regulations
- Standard New York title insurance and closing practices

*Sample New York Purchase Agreement - not professional legal advice. All parties should obtain independent legal counsel.*